Nixon White House Tapes › Topic
Nixon Tapes on Federal Reserve
47 conversations · frequently with Nixon, Connally, Burns, Shultz
President Nixon and Treasury Secretary John Connally discussed administrative strategies for managing the economy, specifically regarding the financial stability of Lockheed and the political implications of Department of Justice actions against banks for political contributions. They deliberated on how to handle Federal Reserve Chairman Arthur Burns, whose public testimony on wage, price, and fiscal policies had become a source of friction for the administration. Connally agreed to speak with Burns to establish boundaries for his testimony and to reassert the administration’s position on monetary supply and interest rates.
President Nixon and Treasury Secretary John Connally discussed economic policy and the need for better coordination with Federal Reserve Chairman Arthur Burns. Connally reported on a private meeting with Burns, during which he advised the Chairman to maintain closer cooperation with the administration and avoid public statements that undermined the President's economic program. They agreed to hold the administration's current economic course until April 15, while exploring ways to manage public perception and push back against international criticism of U.S. monetary and balance-of-payments policies.
President Nixon met with Federal Reserve Chairman Arthur F. Burns to discuss the state of the national economy and manage public perception of their working relationship. Nixon emphasized the importance of maintaining a united front to avoid fueling media speculation regarding potential policy disagreements, while Burns outlined his concerns over a looming international monetary crisis and interest rate strategies. The two agreed to maintain close, private coordination on economic policy while keeping their options open regarding further fiscal stimulus until April economic data became available.
President Nixon initiates a call to the White House operator to be connected with Federal Reserve Chairman Arthur F. Burns. This brief exchange serves as the administrative bridge for a subsequent, more substantive discussion between the President and Burns regarding economic policy. No further substantive discourse occurs during this specific interaction.
President Nixon requested that the White House operator connect him with Federal Reserve Chairman Arthur F. Burns. The operator informed the President that Burns was currently at lunch and that messages were being relayed to him to return the call. Nixon acknowledged this update and prepared to wait for the chairman to reach out.
President Nixon initiates a request for the White House operator to place a telephone call to Dr. Arthur Burns. This brief exchange serves strictly as a procedural instruction to facilitate communication between the President and the Chairman of the Federal Reserve. No substantive policy discussions or further actions occurred during this brief interaction.
President Nixon consults with the White House operator to verify the status of a scheduled communication with Dr. Arthur Burns. The brief exchange confirms whether the President had already personally placed the call to the Federal Reserve Chairman. The interaction highlights the administrative coordination required for Nixon to manage his high-level professional correspondence.
President Nixon consulted with Federal Reserve Chairman Arthur F. Burns regarding a recent cabinet briefing on international economic policy delivered by Peter G. Peterson. Nixon tasked Burns with reviewing the briefing materials and requested an independent analysis of how antiquated U.S. antitrust laws affect the competitiveness of domestic industries, particularly the struggling aviation sector, against state-subsidized foreign entities. Following the discussion, Peterson joined the call to coordinate a time for Burns to review the presentation materials and further discuss these economic strategies.
The White House operator informs President Nixon that Federal Reserve Chairman Arthur F. Burns is attempting to reach him by telephone. Nixon acknowledges the notification, authorizing the operator to facilitate the connection. This brief interaction serves as a preliminary administrative step to bridge a direct communication line between the President and the Chairman.
President Nixon and Federal Reserve Chairman Arthur F. Burns discussed the escalating international monetary crisis and the need for the administration to formalize a concrete policy strategy. Nixon pushed Burns, Paul Volcker, and Paul McCracken to develop a proactive plan rather than continuing to delay action, despite Burns' preference for postponing significant changes until later in the year. The President directed Burns to coordinate with Treasury Secretary John B. Connally regarding their ongoing communication with foreign officials.
President Nixon met with the Commission on Financial Structure and Regulation to discuss the progress of their comprehensive study on the U.S. financial system. The conversation focused on the necessity of reform to ensure economic stability, with particular attention given to the modernization of banking, savings and loan institutions, and insurance companies. Nixon urged the commission to avoid maintaining the status quo, explicitly encouraging them to investigate controversial topics like the Federal Reserve’s structure and monetary policy. The meeting concluded with an emphasis on the commission's upcoming work schedule and a reaffirmation of the administration's support for their final recommendations.
President Nixon met with key advisors and economist Milton Friedman to discuss administrative scheduling, the current economic climate, and potential policy adjustments ahead of the 1972 election. A primary focus was the ongoing struggle to balance inflation and unemployment, with Friedman cautioning against reactive policy shifts and emphasizing the need for stability in the money supply. Nixon expressed concern over the volatility of Federal Reserve Chairman Arthur Burns and sought advice on managing economic expectations while avoiding the political pitfalls of wage and price controls.
President Nixon and George Shultz discuss the current state of the national economy, specifically focusing on Federal Reserve monetary policy and concerns regarding congressional overspending. They evaluate the political risks of rising inflation and deficits ahead of the 1972 election, emphasizing the need to hold Congress accountable for fiscal irresponsibility. Additionally, they plan an upcoming economic meeting with top advisers and resolve to reject Maurice Stans' proposal for a $200 million mid-decennial census.
President Nixon met with Treasury Secretary John Connally and Federal Reserve Chairman Arthur Burns to address growing public confusion and political friction caused by conflicting economic signals from the administration. The President emphasized the need for a unified public stance on economic policy, specifically urging Burns to avoid statements that undermine official administration decisions, despite Burns' insistence on his duty to provide independent, candid testimony as an economist. The meeting resulted in a tentative agreement for Burns to clarify in future congressional testimony that his views represent his own, rather than the administration's, while Connally committed to better coordinating the administration's economic messaging.
President Nixon met with H.R. Haldeman, John Ehrlichman, and Egil Krogh to discuss strategies for curbing unauthorized leaks of government information and managing economic policy. The President directed that high-level officials and staff with top-secret access undergo polygraph examinations to identify leakers, specifically targeting a suspected individual within the Department of Defense. Additionally, the participants discussed the administration's strained relationship with Federal Reserve Chairman Arthur Burns, ultimately deciding to adopt a 'cool treatment' strategy to pressure him, while also considering efforts to influence the Federal Reserve's composition and independence.
President Nixon and Secretary of the Treasury John Connally discussed a strategy to exert political pressure on Federal Reserve Chairman Arthur Burns regarding monetary policy. Connally reported that their coordinated 'tactic' of feigning ignorance had successfully gotten Burns' attention and prompted a shift in his outlook. They agreed to maintain pressure while maintaining a posture of plausible deniability, with Connally planning to press Burns for more positive public statements during a future meeting.
President Nixon and Charles Colson discuss their recent, contentious interaction with Federal Reserve Chairman Arthur Burns, focusing on the need to manage his influence and public messaging. The conversation shifts to evaluating positive indicators in the economy, such as strong retail sales data, which Colson reports from recent industry meetings. Nixon instructs Colson to distill these economic findings into concise flash bulletins rather than lengthy reports to better communicate the administration's economic narrative.
President Nixon contacted the White House operator to place an urgent call to Federal Reserve Chairman Arthur F. Burns. This request followed the President's public announcement earlier that day regarding his 'New Economic Policy,' which included the suspension of the gold standard and the imposition of wage and price controls. The call was initiated to facilitate high-level communication between the President and his top monetary advisor during a critical period of economic transition.
President Nixon and Treasury Secretary John Connally discussed administrative updates and the orchestration of economic and judicial policy. They coordinated a meeting with Federal Reserve Chairman Arthur Burns to ensure his alignment with the administration's economic program while managing his influence on public perception. Additionally, Nixon consulted Connally regarding his strategy for upcoming international trade negotiations and his decision to appoint two conservative judges to the Supreme Court to solidify a long-term ideological shift in the judiciary.
President Nixon and Charles Colson discuss administration strategy, focusing on upcoming Supreme Court nominations, economic indicators, and public opinion. They celebrate the strategic release of nominees with high academic credentials to neutralize criticism regarding "excellence" and "judicial philosophy." Furthermore, they review the current economic climate, expressing concerns about Federal Reserve Chairman Arthur Burns's monetary policies, and analyze recent polling data that shows rising support for the President.
President Nixon met with George Shultz and John Ehrlichman to strategize on international economic policy, specifically addressing the U.S. surcharge, currency convertibility, and the role of the Federal Reserve. A central goal of the discussion was managing the complex relationships between the Treasury Department, international allies like Japan and European nations, and domestic economic advisors. Nixon emphasized the need for a unified strategy that maintains U.S. independence, while Shultz was tasked with brokering better cooperation among staff to ensure policy decisions are implemented effectively and without bureaucratic interference.
President Nixon initiated a brief telephone request to the White House operator to be connected with Arthur F. Burns. This administrative communication served as the setup for a subsequent conversation with the Chairman of the Federal Reserve. No further substantive policy matters were discussed during this brief exchange.
President Nixon consulted the White House operator to locate Federal Reserve Chairman Arthur F. Burns regarding a returned phone call. Upon learning that Burns was attending an event at the Madison Hotel, the President instructed the operator to leave a message with Burns' wife. Nixon decided against interrupting Burns at the function, opting instead to speak with him directly during an upcoming receiving line appearance that evening.
President Nixon instructed the White House operator to connect him with Arthur Burns, the Chairman of the Federal Reserve. This brief interaction served solely as a logistical request to initiate a telephone communication with the economic official. No further policy discussions or substantive developments occurred during this brief exchange.
President Nixon met with Henry Kissinger and subsequently Arthur F. Burns to discuss high-stakes foreign policy and domestic economic stabilization. The conversation touched upon the delicate diplomatic handling of Indian Prime Minister Indira Gandhi, specifically focusing on managing the threat of conflict between India and Pakistan and coordinating messages to the USSR and Vietnam. Regarding the economy, Nixon and Burns reviewed the money supply, interest rates, and potential contingency plans for the Pay Board should labor leaders like George Meany resist wage stabilization policies.
President Nixon initiates a request through the White House operator to place a telephone call to Arthur F. Burns. This brief interaction serves as the administrative bridge for a direct consultation with the Chairman of the Federal Reserve. No substantive policy discussions occur during this exchange, as it is strictly logistical in nature.
President Nixon and Federal Reserve Chairman Arthur F. Burns held a brief check-in following the President’s return from a trip to Chicago. The two men exchanged brief pleasantries and confirmed the receipt of previously discussed information. The conversation concluded with Nixon expressing his intention to address the pending matter in the near future.
President Nixon consulted Charles Colson regarding Federal Reserve Chairman Arthur F. Burns's recent public remarks on inflation in New York. Concerned primarily with how Burns's statements were perceived by his specific audience, Nixon directed Colson to move beyond wire service summaries and secure a firsthand account of the reception. Colson committed to contacting an attendee immediately to evaluate the impact of the comments on liquidity and investor sentiment, reporting his findings back to the President that evening.
President Nixon met with Paul McCracken and George Shultz to review current economic performance, particularly regarding GNP growth and unemployment, while also discussing the urgency of negotiations within the international monetary system. Nixon expressed deep frustration with the American business community, characterizing corporate leaders as timid and lacking the fortitude he observed in other nations. The meeting also addressed McCracken’s planned departure from his role and the search for a successor, with the group emphasizing the need to maintain pressure on the Federal Reserve regarding the money supply.
President Nixon and Treasury Secretary John Connally coordinated their strategy for managing Federal Reserve Chairman Arthur Burns regarding monetary policy and upcoming economic discussions. They planned a two-stage approach: Connally would meet with Burns individually to prep him on the money supply, followed by a larger 4:30 PM meeting involving Nixon, Connally, Burns, George Shultz, and Henry Kissinger. This structure was designed to ensure Burns remained aligned with administration goals while providing him with a sense of inclusion in the decision-making process.
President Nixon met with Treasury Secretary John B. Connally and Federal Reserve Chairman Arthur F. Burns to discuss economic policy and the administrative schedules of key advisors. Henry Kissinger and George P. Shultz also joined the consultation to address matters of national policy. The discussion focused on coordinating economic objectives and personnel management during a period of transition.
President Nixon initiates a call to Secretary of the Treasury John B. Connally to facilitate a conversation with Federal Reserve Chairman Arthur F. Burns. The primary purpose of the call is to secure an immediate consultation with Burns regarding ongoing economic policy matters. Nixon directs the coordination of this contact to ensure direct communication with the Fed leadership.
President Nixon and Federal Reserve Chairman Arthur F. Burns discussed the Federal Reserve's reduction of the discount rate to 4.5% to signal a more aggressive stance on economic expansion. Burns urged the President to appoint a new Federal Reserve board member to resolve regulatory deadlocks, while Nixon promised to prioritize the matter after his upcoming meeting with French President Georges Pompidou. The two also discussed the need for future consultations regarding concerns that the Pay Board and Price Commission’s current policies were hindering economic recovery.
President Nixon and Charles Colson reviewed the success of John Connally's recent international monetary negotiations and discussed strategies to effectively communicate these economic achievements to the public. They analyzed the current political landscape, including favorable shifts in media coverage and the limitations of critical press reports regarding the administration's economic and war policies. Additionally, the conversation touched upon the administration's ongoing efforts to influence Federal Reserve Chairman Arthur Burns to loosen the money supply to stimulate economic growth heading into the 1972 election cycle.
President Nixon and John Connally discuss the positive public reception of a recently negotiated international monetary agreement and plan Connally's upcoming travel schedule. They also address concerns raised by economist Milton Friedman regarding the money supply, with Nixon urging Connally to leverage his influence over Federal Reserve Chairman Arthur Burns to ensure appropriate policy adjustments. They decide to schedule a formal Quadriad meeting to discuss these monetary issues further.
President Nixon initiates a request to the White House operator to place a telephone call to Arthur F. Burns, the Chairman of the Federal Reserve. This brief interaction serves as the preliminary administrative step required to connect the President with Burns for a private consultation. No substantive policy discussion occurs during this operator-assisted connection request.
President Nixon met with H.R. Haldeman, Henry Kissinger, George Shultz, and Arthur Burns to coordinate key administrative priorities, including the upcoming presidential trip to the People's Republic of China, ongoing defense budget negotiations, and personnel appointment procedures. A primary focus was establishing stricter internal control over government leaks—specifically regarding Yeoman Charles Radford—and reaffirming the President's authority over Federal Reserve Board appointments. The participants also discussed the President's recent television documentary, strategies for managing the money supply to address economic concerns, and the administration's stance on federal pay raises.
President Nixon met with departing economic advisor Paul W. McCracken to discuss the administration's economic legacy and international monetary policy. They reviewed the successful implementation of the August 1971 surcharge and the resulting shifts in global currency values, as well as strategies for future negotiations with Japanese and European counterparts. Nixon expressed gratitude for McCracken’s service and solicited final advice regarding the Federal Reserve's monetary policy, reflecting optimism for economic growth heading into 1972.
President Nixon and George Shultz spoke to coordinate administration strategy on the defense budget, pending water legislation, and Federal Reserve policy. They reached an agreement to secure Melvin Laird's public support for the defense budget and decided that, despite budgetary concerns, the President would sign the water bill to avoid a politically unfavorable veto confrontation. Additionally, Nixon requested that Shultz provide moral support to Henry Kissinger regarding public criticism of U.S. foreign policy during the India-Pakistan War.
President Nixon met with George Shultz, John Connally, and other advisors to assess the administration's economic policy and strategy regarding the Federal Reserve. The participants discussed the money supply (M-1 and M-2), the lack of currency convertibility as a strategic advantage, and the necessity of pressuring the banking community to increase lending. Additionally, they reviewed potential personnel appointments to the Council of Economic Advisers and the Federal Reserve Board, specifically focusing on the goal of ensuring more favorable policy alignment with the White House.
President Nixon and John Connally discuss the success of Connally’s recent speech in Richmond, which drew significant crowds and positive reception by emphasizing populist, anti-bureaucratic themes. The conversation shifts to economic strategy, specifically the Administration's desire to encourage bank lending and address bankers' fears regarding Federal Reserve monetary policy and inflation. Additionally, they coordinate on staffing, including the appointment of Peter G. Peterson and the recruitment of new talent for administrative posts.
President Nixon met with John Ehrlichman and George Shultz to discuss administrative strategy regarding the economy and the unpredictable behavior of Federal Reserve Chairman Arthur Burns. The President expressed frustration with Burns's independent posturing on international monetary convertibility and his management of the money supply, while the group evaluated the political risks of ongoing wage and price controls. Nixon and his advisors decided to push for a stronger, unified economic narrative while avoiding further public controversy, eventually planning a private post-China trip meeting to reassess their strategy for exiting the system of wage and price controls.
President Nixon met with a large group of cabinet members and advisors to discuss a wide-ranging agenda of domestic economic policy, including international trade strategies, energy infrastructure, and tax reform. The participants reviewed the implementation of commercial trade policies with the Soviet Union, analyzed the political and budget implications of environmental regulations, and addressed the status of the Productivity Commission. Nixon emphasized the need for his team to act as aggressive advocates for pro-business policies and job creation in the lead-up to the 1972 election. The meeting concluded with a review of potential Federal Reserve appointments and a discussion on managing public perception regarding inflation and food prices.
President Nixon consults John B. Connally regarding the selection of a new member for the Federal Reserve Board of Governors, where they agree to appoint a younger candidate to ensure longevity and malleability under Arthur Burns. Additionally, the two discuss a controversial civil suit filed by the U.S. government against Price Daniel involving Tidelands rights. Nixon expresses frustration that a government attorney involved in previous Tidelands litigation is responsible for the new brief and suggests the matter needs immediate intervention.
President Nixon and Federal Reserve Chairman Arthur F. Burns met to discuss the international reception of U.S. economic policies, the challenges of managing money supply and interest rates, and the broader contrast between American and British labor discipline. The discussion also covered potential future travel itineraries for Burns to countries including Indonesia and Japan, as well as coordination regarding an upcoming meeting with British Foreign Secretary Sir Alec Douglas-Home. Stephen B. Bull joined briefly to assist with scheduling logistics for the President and Burns.
President Nixon and H. R. Haldeman discussed strategies for managing public perception, specifically addressing press coverage of the administration and the unfolding Watergate scandal. They reviewed potential public relations maneuvers, including a possible statement from Vice President Spiro Agnew to counter media narratives, while also weighing administrative appointments for the Federal Reserve and the Department of Labor. The conversation emphasized maintaining a unified front against hostile press inquiries and coordinating staff testimonies for upcoming grand jury appearances.
President Nixon met with his economic advisors and cabinet members to discuss how to manage persistent inflation and public frustration with the economy following the recent passage of the Economic Stabilization Act. Arthur Burns and others proposed various policy adjustments, including a potential return to some Phase 2-style controls like pre-notification, while Roy Ash and Herbert Stein argued for staying the course with Phase 3 to avoid further distorting the market. Ultimately, the administration emphasized the importance of fiscal restraint and maintaining a consistent long-term strategy rather than implementing impulsive or overly restrictive controls that could trigger a recession.